FAQs: Youth Savings
Our All-Star Savers account allows you to make four withdrawals per month without penalty. There is a $3 fee per additional withdrawal, which is designed to encourage your child to keep saving. The Christmas Account funds will be automatically deposited into your child's savings account on November 1 and there is a $5 fee for early withdrawal. For Certificates, there is a penalty of three months' dividends for early withdrawal from certificates of one year or less, and a penalty of six months' dividends for certificates of two years or more.
Upon your child's 18th birthday, the All-Star Savers account will be closed and all funds will be transferred into a Regular Share savings account. Both children and adults may hold a Christmas Club Account so the account can roll over when your child turns 18, and funds will be deposited into their Regular Share savings account on November 1 in time for the holiday season. Your child's Certificate accounts may also roll over when they turn 18 and they can access the funds at the planned maturation date.
We offer three accounts so you can get what you need and your child can get what they want!
- Choose our All-Star Savers if your child wants to make regular contributions of any amount, any time, and make up to four fee-free withdrawals per month. Open with just $5.
- Choose a Christmas Account if you want to give your child practice saving up for something special during the holiday season, or something big like a bicycle or electronic device. Open with just $5.
- Choose a Certificate Account if you want to make a single deposit of at least $500 and then your child can watch the money grow over time while resisting making withdrawals.